South Carolina § 59-115-60 - State Education Assistance Authority Loan Fund.
Full text of South Carolina South Carolina Code of Laws § 59-115-60 — State Education Assistance Authority Loan Fund., with citation guidance and answers to common questions.
§ 59-115-60. State Education Assistance Authority Loan Fund.
There shall be established and maintained by the authority a fund which shall be designated the "State Education Assistance Authority Loan Fund". There shall be deposited to the credit of the loan fund the proceeds, exclusive of accrued interest, derived from the sale of the revenue bonds of the authority and any other moneys made available to the authority for making student loans.
There also may be deposited in the loan fund the "spread" or difference between the average rate of interest paid by the authority on its revenue bonds and the interest received by the authority on student loans as well as any state appropriated funds or other funds made available for administration of the loan program authorized herein.
Moneys in the loan fund shall be used only for the following purposes:
(a) To make direct loans to students.
(b) To make loans to any not-for-profit corporate entity approved by the authority for the purpose of enabling the entity to make student loans on terms and under conditions approved by the authority.
(c) To defray the expenses of operation and administration of the authority and its programs for which other funds are not available to the authority.
(d) To remedy any deficiency in the loan guarantee reserve fund.
(e) To remedy any deficiency in the sinking fund.
Pending the use of moneys in the loan fund for any of its authorized purposes the moneys shall be invested and reinvested by the State Treasurer. All earnings from the investments shall be added to and become a part of the loan fund.
HISTORY: 1962 Code SECTION 22-96.5; 1971 (57) 775; 1978 Act No. 474, SECTION 5.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 59-115-60
What does South Carolina Code of Laws § 59-115-60 cover?
Section 59-115-60 ("State Education Assistance Authority Loan Fund.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 59-115-60?
A common citation format is "South Carolina Code of Laws § 59-115-60" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 59-115-60 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.